Federal government disburses 2nd batch of N5 billion Creative Fund to Nollywood

The federal government has disbursed the second batch of the N5 billion Creative Fund it established in collaboration with Providus Bank in December 2023 for Nigeria’s creative sector.
Special assistant to the president (Office of the Vice President) on Digital and Creative Economy, Fegho-x Umunubo made the announcement in an Instagram post this week.
“Update: N5 Billion Creative Fund Second Batch Launch. Under the renewed Hope Agenda of Mr. President, Bola Ahmed Tinubu (GCFR), we successfully launched the second batch of the N5Billion Creative Fund in partnership with Providus Bank at Eko Hotels and Suites last week Friday,” he said.
“Following the successful disbursement of N1.5 billion to four actors/producers for their movie projects, we are excited to support even more creative projects. If you know someone looking for funding for their creative project, share this email address: creatives@providusbank.com,” he added.
The industry, long ignored by traditional financiers has received renewed focus as Afrobeats began to dominate the global music industry and streaming giants Netflix and Prime Video establish themselves as wealthy investors of a new era of the Nigerian creative space.
However, the downside of the arrival of these investors in the industry is that some filmmakers have had to make and market their content with a global audience in mind.
This funding presents a great local opportunity for Nigerian creatives, especially Nollywood filmmakers to make movies with Nigerians in mind as the primary audience. If well managed, the Creative Fund could be the revolutioniser of the sector, as it will help filmmakers and actors take their work to greater heights.